Scotiabank Begins Coverage on Canadian Imperial Bank of Commerce (NYSE:CM)

Research analysts at Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note issued on Thursday, Marketbeat.com reports. The brokerage set a “sector outperform” rating on the bank’s stock.

A number of other equities research analysts have also recently commented on CM. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.8%

NYSE:CM opened at $66.27 on Thursday. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.99 and a fifty-two week high of $67.45. The stock has a market capitalization of $62.30 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day simple moving average is $59.39 and its 200-day simple moving average is $61.73.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently made changes to their positions in the stock. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $25,000. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $26,000. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $29,000. TruNorth Capital Management LLC boosted its position in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock valued at $29,000 after buying an additional 312 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $30,000. 49.88% of the stock is owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.